Boomers Staying Put in Retirement; Ipsos Reid for RBC

Three in Five (60%) Say Current Community is Ideal Place to Live

March 18, 2008 — Toronto, ON � When it comes to deciding what kind community they want to live in during retirement, three in five Baby Boomers (60%) say they are happy where they are, and will be staying put. But many still want to make improvements with a majority saying they are likely (53%) to be doing some remodelling on their house, with one in five (19%) doing major renovations. As well, 24% are looking to purchase a second property, or vacation house.

Thinking of what they consider appealing in a potential retirement home, Baby Boomers are likely to want a home within walking distance of necessary services (89%), close to nature (89%), well-suited for entertaining family and friends (88%), featuring everything on one floor (87%), and close to water (84%). Three quarters (77%) would also prefer to live in a community where there are people of all ages. Lowest on the list of priorities are separate quarters for adult children (39%), high-rise building with concierge service, maid service, and health club (35%).

Nearly half (46%) the Boomers say they will be moving to a smaller home when they retire. As well, four in ten (40%) will move to a region where housing is more affordably priced, and nearly as many will move to be closer to family and friends (36%) or to a warmer climate (35%). Boomers remain unlikely to move to a bigger home (10%) or to a different country (11%).

  • Women (50%) are more likely than men (40%) to want to move to be closer to their friends and family.
  • Men (16%) are more likely than women (12%) to want to move to a different country.

With regard to the rest of the country, there are also some regional discrepancies in how Canadians plan on changing their housing when they retire. Atlantic Canadians (30%) are most likely to do major remodelling to their home when they retire, whereas Albertans (55%) are most likely to move to a different climate. Albertans also show a heightened tendency to move to be closer to friends and family (54%) or into a condominium (40%). Canadians living in Quebec (20%) are most likely to want to move to a bigger home.

Canadian citizens in general also find some aspects of a retirement home more appealing than others. Regionally, there are some differences in what Canadians find appealing in such a facility:

  • Atlantic Canadians (88%) most likely to want property close to water.
  • Albertans (92%) most likely to want a home that is close to nature.
  • Canadians in Quebec most likely to want a home with separate quarters for adult children (53%), in a high-rise building with services (61%), and an antique home able to be restored and updated (42%).

Of the 40% of boomers who will be on the move, in order to more closely match their interests for retirement, and given a list of communities which place emphasis on different aspects of their retired life, we find that:

  • 29% would prefer to move to a community which places importance on nature and outdoor activities.
  • 22% will find their way to a setting that focuses on social interactions, activities, and interests.
  • 16% will choose a retirement community which promotes a lifestyle that is focused on health and emotional well-being.
  • 15% will prefer a community conducive to environmentally responsible behaviour and lifestyle.

These are the findings of an Ipsos Reid poll conducted on behalf of RBC from 01/17 to 01/21, 2008. This online survey of 3,023 adult Canadians was conducted via the Ipsos I-Say Online Panel, Ipsos Reid’s national online panel.

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